Securing an apartment for rent in Nigeria is more expensive than any other country in Africa except for Seychelles, according to data by global data service provider Numbeo.
The ranking released over the weekend, surveyed 23 African countries and showed that renting an apartment in Nigeria is five percent more expensive than last year, increasing to 28.91 index points in 2021 from 23.59 index points in 2020.
Numbeo rankings are based on the average price of rent with New York City in the United State of America acting as the “100” baseline on the scale.
Over the years, Nigerians especially those trying to settle in major cities, renting an apartment have formed the major core in the cost of living.
Another increase was also seen in the food index. Nigeria rose to 14th and 19th as the most expensive country in Africa to buy groceries and pay for a restaurant meal compared to the 11th position and 17th respectively in 2020.
Numbeo’s index also includes local purchasing power, which shows relative purchasing power in buying goods and services in a given country for the average net salary in that country.
Nigeria ranks second in Africa and fourth in the world, suggesting salaries of Nigerians buy less than in other countries.
Despite the increase in rent, food, and low purchasing power, Nigeria still ranks as 5th most affordable country in Africa and 125th globally.
The headline cost-of-living index includes the costs of consumer goods, including groceries, restaurants and transportation.
Global rank shows Nigeria dropped from 115th place in 2020 to 125th in 2021 in the Cost of Living Index only ahead of Tunisia, Algeria, Zambia and Libya.
Nigeria’s cost-of-living index for 2021 is 29.74 index point compared to 31.00 index point in 2020.